COMMISSIONER OF INCOME TAX Vs. H M T LIMITED NO 2

JUDGEMENT

(1.) IN this reference under the INcome-tax Act, 1961, we are concerned with assessment for the assessment year 1979-80. Three questions are referred. The first question reads thus :

(2.) THE second question we are called upon to answer reads thus :

(3.) THIS question, it is agreed, is covered by the judgment of this court in the assessee's own case, Hindustan Machine Tools Ltd. (No. 3) v. CIT [1989] 175 ITR 220, and following that judgment, it has to be answered in the affirmative and in favour of the assessee. It is so answered.